Time is running out to lodge your own tax return

Posted by Team AVS on 8 Oct, 2024 0 Comments

The ATO is reminding taxpayers that the due date for individuals who lodge their own income tax return is 31 October 2024.

The Australian Taxation Office (ATO) is reminding taxpayers that the due date for individuals who lodge their own income tax return (31 October 2024) is fast approaching.

As of 22 September, the ATO had received over 7.9 million income tax returns from individuals for the 2024 financial year. Over 4 million individu

Deny deductions for ATO interest charges

Posted by Team AVS on 3 Oct, 2024 0 Comments

After 1 July 2025 taxpayers will no longer be able to claim for ATO interest charges.

On 13 December 2023, as part of the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO), the Government announced it will amend the tax law to deny deductions for ATO interest charges. This measure is not yet law.

This measure will mean that taxpayers will no longer be able to claim deductions for general interest charges (GIC) and shortfall interest c

Rental expenses to claim

Posted by Team AVS on 24 Sep, 2024 0 Comments

Check the expenses you can claim as a deduction for your rental property.

Rental expense categories

There are 3 rental expense categories, those for which you:

can claim a deduction now(in the income year you incur the expense) – for example, interest on loans, council rates, repairs and maintenance and depreciating assets costing $300 or less
can claim a deduction over several years– for example, capital works, borrowing expense

Working out your tax residency and what it means for you

Posted by Team AVS on 16 Sep, 2024 0 Comments

How do I work out if I’m a resident for tax purposes?

Whether you’re an Australian resident for tax purposes or a foreign resident depends on more than just your physical location, citizenship, or your visa. It also considers your family ties, assets and your business or employment situation.

You can work out your tax residency status by using our residency tests this opens in a new window. You only need to satisfy one of the tests

Avoid a tax time shock

Posted by Team AVS on 7 Sep, 2024 0 Comments

The Australian Taxation Office is giving taxpayers simple steps to help avoid an unexpected tax bill next tax time.

The Australian Taxation Office (ATO) is giving taxpayers some simple steps to help avoid an unexpected tax bill next tax time.

Assistant Commissioner Rob Thomson said there are many reasons that a taxpayer may end up with a bill at tax time.

‘There are a number of factors that impact your tax assessment. In simple terms,

Know how to identify and report ATO impersonation scams

Posted by Team AVS on 27 Aug, 2024 0 Comments

The National Anti-Scam Centre Scams Awareness Week runs 26 to 30 August with the theme 'Share a story, stop a scam'.

This annual reminder provides a perfect opportunity to check how scam aware you are and share your knowledge with friends, family, colleagues, social networks and the community.

Since January nearly 80% of scams reported to us used emails. Scammers are progressively becoming much more sophisticated. The good news is that ther

Scams Awareness Week – share a story, stop a scam

Posted by Team AVS on 20 Aug, 2024 0 Comments

Does your business know how to spot and report an ATO impersonation scam?

National Anti-Scams Centre’s (NASC) Scams Awareness Week (SAW) runs 26 to 30 August. This year’s theme is ‘Share a story, stop a scam’.

This annual reminder is a perfect opportunity to check how ‘scam aware’ your business is.

Since January, nearly 80% of all scams reported to us relate to emails. While scams are becoming more sophisticated, there are r

On your mark, get set, lodge!

Posted by Team AVS on 8 Aug, 2024 0 Comments

The ATO advises taxpayers that their income tax return is ready to lodge.

The Australian Taxation Office (ATO) advises taxpayers with simple affairs are now in a great position to lodge their tax return. With millions of pieces of information now pre-filled, the ATO is giving taxpayers the green light to lodge.

ATO Assistant Commissioner Rob Thomson said the ATO has now pre-filled tax returns with information from most banks, employers, gov

Rental property – repairs or capital expenses?

Posted by Team AVS on 31 Jul, 2024 0 Comments

When your clients have work done on their rental property, make sure it's categorized correctly to avoid errors when including it in their tax returns.

Consider these factors to determine claims for expenses:

Repairs and general maintenance are expenses for work done to remedy, or prevent, defects, damage or deterioration from using the property to earn income. These expenses can be claimed in the year the expense occurred.
Initial repa

Stay safe online – Cyber hygiene habits for business

Posted by Team AVS on 25 Jul, 2024 0 Comments

Protect your business from common cybersecurity threats this tax time.

With tax time in full swing, it’s important to keep your business secure online and put systems and processes in place to help reduce the risk of a cyber event. You should also plan for what you’ll do if a cyberattack occurs.

Every Australian business is a target for cyberattacks. In the 2022–23 financial year, the average cost of cybercrime for small businesses in

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